HostPlus has awarded two new mandates to European international private equity managers with some of the proceeds from last month’s UBS Global Asset Management redemption.

The hospitality and tourism industry fund said it would expand its current 4 per cent allocation to international private equity – with largely US private equity managers – by appointing a European ‘secondary’ manager and a European buy-out manager, to commence in October. David Elia, HostPlus chief executive, said that the new mandates would comprise around $100 million of the $280 million that became available following the redemption of HostPlus’ Australian equites mandate with UBS. The remainder would be spread among the existing international stock managers, Wellington International Management and Baillie Gifford. The names of the new managers have not yet been disclosed, as the details of the mandates are still to be finalised.